Knowing what is IMPS (Immediate Payment Service) beforehand makes it easier to execute hassle-free fund transfers from the comfort of your home. With the rising popularity of electronic banking, IMPS stands out due to its real-time transfer capabilities. In addition, you can use this option to execute interbank transactions through multiple channels.
Read on to learn more about IMPS transfer, its features, benefits, limitations and more.
This facility is offered by most banks and here are some facts:
The main reasons for the introduction of this fund transfer facility are as follows:
Here are some key features of IMPS that you must make note of when choosing this facility.
Also Read: Difference Between NEFT and RTGS
Here are some advantages you can enjoy with IMPS:
Check out the table for a brief overview of the costs involved when initiating IMPS transactions:
|Up to ₹10,000
|₹2.5 + GST
|₹10,001 – ₹1 lacs
|₹5 + GST
|₹1 lacs – ₹2 lacs
|₹15 + GST
These charges may vary as per your bank’s internal policies and regulations. Hence, kindly contact the respective bank for the exact charges levied.
Before executing the process, you need the following details:
Once you get these details, follow this process:
IMPS wallet number or MMID is a 7-digit number generated by the bank that allows you to receive payment into your bank account. To create this ID, banks use a combination of your account number and your mobile number linked to the account.
To know what is the IMPS number for your transaction, log into your bank’s net banking portal or mobile banking application. This is a unique reference number generated after every successful transaction.
Using these steps, you can make an IMPS transfer and enjoy instant payment transfer facilities within the limit decided by your bank. However, if you need instant funds to manage immediate requirements, then opting for a Fibe Online Personal Loan is a great choice.
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Among a number of functional differences between the two options, the key difference lies in their process, as given below:
While both modes allow quick and secure money transfer options, they are two digital fund transfer options with distinctive features.
Yes, IMPS uses robust security measures such as encryption technology to ensure secure end-to-end fund transfers.
Both options are equally safe as they follow all RBI norms for electronic payment transfers.